Oil

The Iraqi Oil Minister, Ihsan Abdul-Jabbar announced today, Sunday, that 30 tankers carrying more than a million liters of fuel oil will be heading to Beirut from Iraq. Abdul-Jabbar said in a statement received by Shafaq News agency, “The new batch of fuel oil comes as part of the assistance …

US crude oil shipments to China will rise sharply in coming weeks, US traders and ship brokers and Chinese importers said, as the world’s top economies gear up to review a January deal after a prolonged trade war. Chinese state-owned oil firms have tentatively booked tankers to carry at least …

The Iraqi Oil Company “SOMO” revealed, on Saturday, that oil exports to Jordan reached more than 8 thousand barrels per day during July. The company said in a tally on its website, which is viewed by Shafaq News agency, “Total oil exports to Jordan were as follows: – July: it …

Oil prices edged lower on Friday as investors feared demand would recover more slowly than expected from COVID-19 pandemic lockdowns, while rising supply also overshadowed optimism over falling crude and fuel inventories. This week, two prominent forecasters, the International Energy Agency and the Organization of the Petroleum Exporting Countries, trimmed …

The International Energy Agency lowered its global oil demand forecasts for the first time in several months on Thursday, as the number of Covid-19 infections remains high and amid ongoing weakness in the aviation sector, reports CNBC. In a closely-watched monthly report, the IEA said it now sees global oil …

US commercial crude oil inventories decreased last week in line with the market expectation, according to data released by the country’s Energy Information Administration (EIA) on Thursday. Commercial crude oil inventories in the US fell by 7.4 million barrels, or 1.4%, to 518.6 million barrels for the week ending July …

With the pandemic raging in large parts of the southern hemisphere and persisting in heavy oil consuming economies in the northern hemisphere, downside risks to the oil demand outlook are sizeable, National Bank of Kuwait (NBK) has said in an economic update. The spike in coronavirus infections in economies newly …

OPEC+ will pump about 1.5 million barrels more this month than in July as it starts to unwind its historic virus-driven output curbs, with Russia already having lifted its output slightly last month. The increase in supply comes as virus cases accelerated in California, a lockdown is being reimposed in …

Russia slightly increased its oil production in July, ahead of OPEC+ plans to start easing their record supply cuts starting this month. The nation’s producers pumped 39.63 million tons of crude and condensate last month, according to preliminary data from the Energy Ministry’s CDU-TEK unit. That’s an average daily of …

Global oil demand might never return to levels seen before the outbreak of the COVID-19 epidemic, Royal Dutch Shell CEO Ben van Beurden said on Thursday. “Demand will take a long time to recover if it recovers at all,” van Beurden told reporters after the Anglo-Dutch energy company reported a …